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Stephen Shinhak Kahng Acquires Office Buildings In Midtown Manhattan For $12M Represented By Newmark

Property Image
SOLD
$12,000,000
Brett Siegel
Mike Kavanagh
+ 3

New York

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Office27,678 SF
Sold 02/03/2025
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Property Image
SOLD

Stephen Shinhak Kahng Acquires Office Buildings In Midtown Manhattan For $12M Represented By Newmark

31 West 54th Street & 33 West 54th Street

See Similar Deals
Office27,678 SF
Sold 02/03/2025
Brett Siegel
Mike Kavanagh
+ 3
Contact now

Summary

NEW YORK
Asset Type:Office
Price Per Square Foot:$433
Total Square Footage:27,678 SF
Transaction Type:Sale

The property asset involved in this transaction is located at 31 West 54th Street & 33 West 54th Street in Midtown Manhattan. The asset is classified as an office space with a total square footage of 13,839. The sale price for this transaction was $12,000,000, resulting in a price per square foot of $867.

Summary of transaction details:

The transaction was represented by multiple brokers from Newmark, highlighting the involvement of Adam Doneger, Brett Siegel, Eric Roth, Maurice Suede, Mike Kavanagh, and Tyler Signora in facilitating the deal between the buyer and seller.

Players

Adam Doneger
190 deals$50.2B volume(516) 317-7837
BROKER

Brett Siegel
Newmark
75 deals$6.4B volume(212) 372-0798
BROKER

Maurice Suede
Newmark
57 deals$929.6M volume(212) 589-5131
BROKER

Mike Kavanagh
Newmark
30 deals$301M volume(212) 660-7765
BROKER

Eric Roth
Newmark
61 deals$1.5B volume(212) 655-0625
BROKER

Tyler Signora
Newmark
37 deals$852.2M volume(212) 372-0759
BROKER

Details

SOLD
IMAGE: Adam Doneger, Brett Siegel, Eric Roth, Maurice Suede, Mike Kavanagh & Tyler Signora DATE: 02/03/2025 ADDRESS: 31 West 54th Street & 33 West 54th Street MARKET: Midtown Manhattan ASSET TYPE: Office BUYER: Stephen Shinhak Kahng SELLER: M Y Realty BROKERS: Adam Doneger (@ADoneger), Brett Siegel (@BSieges), Eric Roth (@EricMRoth), Maurice Suede, Mike Kavanagh & Tyler Signora (@Tyler_Signora) - Newmark (@Newmark) SALE PRICE: $12,000,000 SF: 13,839 ~ PPSF: $867

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$640,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$42,633.46
Cash-on-Cash Return-1.27%
Monthly Debt Service$56,886.12
Annual Debt Service$682,633.47